[video] Suntory Scoops Up Maker of Jim Beam and Maker's Mark for $16 Billion
Written by: Brittany Umar
Tickers in this article: BEAM
NEW YORK (TheStreet) -- Japan's Suntory Holdings said it will buy liquor company Beam for $16 billion, including debt -- receiving iconic American brands like Jim Beam and Maker's Mark. The whiskey and beer maker will pay $83.50 per share, which is a 25% premium to Beam's closing price on Friday of $66.97.
Japan's Suntory Holdings said it will buy liquor company Beam
Suntory already distributes Beam's products in Japan. Suntory, which makes whiskey and beer, will pay $83.50 per share, which is a 25% premium to Beam's closing price on Friday of $66.97. Suntory President and Chairman Nobutada Saji said in a statement that the acquisition will help the company further its growth around the world. The combined company is expected to generate annual sales of more than $4.3 billion, making it the world's third largest premium spirits entity, according to Beam President and CEO Matt Shattock.
The deal has already been approved by the boards of both companies, although it still needs approval from Beam stockholders. It's expected to close in the second quarter of 2014.
In New York, I'm Brittany Umar for TheStreet.
Written by Brittany Umar in New York.